FINANCIAL DEVELOPMENTS

FULL YEAR 2024

· Unadjusted Net sales for 2024 came in at KEUR 1 788, a 63% decrease from KEUR 4 928 in 2023.

· The gross profit1 for the full year 2024 ended at KEUR 935, which is down from KEUR 2,870.

· For 2024, Eevia's EBITDA was negative with KEUR - 345, down from positive KEUR 753 in 2023. The EBITDA includes non-recurring net gain from sale of fixed assets of KEUR 677, hence adjusted EBITDA is KEUR - 1 022.

· The new result before tax for the period was negative with KEUR - 1 995 compared to 2023 of KEUR - 886

· The deterioration of net result stems from lower revenue

· Personnel cost were KEUR 1,011 in 2024 vs. KEUR 1,398 in 2023

· Overhead costs were KEUR 956 in 2024 vs. KEUR 1,014 in 2023.

· The Financial expenses increased dramatically in 2024 to KEUR 574 compared to 2023 of KEUR 224. The increase was due to expensive bridge loans in the first half, and expensive guarantee commissions and other fees to facilitators incurred in the Rights issue in June-July.

· In 2024, Eevia secured new equity through a Rights issue of MEUR 1.5 (MSEK 17.2)

· Other funding applications for non-dilutive financing was not achieved after the rights issue.

· Inventory was extraordinarily written down with KEUR 114 in Q4-24.

· As a part of the divestment process, the Retinari™ product was agreed to be divested (sold) to Havu Health

Oy at a value of KEUR 800, creating an extraordinary write up of the asset of KEUR 677 per 31.12.24. The transaction is subject to creditor approval, which is probable but not certain.

· The full year operating cash flow was negative with KEUR - 1 512, down from positive KEUR 1 252 in 2023. The change in operating cash flow came mainly from the lower EBITDA.
 

FOURTH QUARTER 2024:

· Adjusted net sales for Q4-24 were KEUR 401. Eevia assisted reorganization of stock with distributors, crediting stock to be invoiced in 2025. Unadjusted net sales2 decreased from KEUR 317 in Q3-24 to KEUR 263 in Q4-24.

· The gross profit3 in Q4-24 was KEUR 148, a decrease of 30% from KEUR 211 in Q3-24 and down 18% from KEUR 180 in Q4-23. The gross margin was 37% in Q4-24, down from 47% in Q3-24, and down from 61% in Q4-23. The main reason for the reduction in gross margin was Eevia's efforts to sell out the inventory by lowering prices and hence reducing the margins. There was no effect on gross margin from side-stream products in Q4-24.

· EBITDA in Q4-24 was KEUR 257 compared to KEUR - 148 in Q4-23 and KEUR - 299 in Q3-24. The EBITDA includes gains from sales of fixed assets of KEUR 677 as well as non-recurring costs. The adjusted EBITDA for the quarter is KEUR - 267. The improvement in adjusted EBITDA between Q3-24 and Q4-24 was KEUR 32, mainly stemming from lower operational costs and personnel cost.

· The Retinari™ product was, subject to creditor approval, sold at a value of KEUR 800, creating an extraordinary write up of the asset of KEUR 677 per 31.12.24.

· Inventory was extraordinarily written down with KEUR 114.

· The net result for Q4-24 was negative KEUR - 118 compared to KEUR - 388 in Q4-23. Adjusted for gains from sale of fixed assets the net result was KEUR - 795.

· Cash flow from operations was positive with KEUR 4 in Q4-24 compared to KEUR 115 in Q4-23. The changes in operating cash flow stems primarily from changes in working capital in the period.

4

1) For maintaining simplicity and ease for external financial analysis, the gross margin for the full year is unadjusted, ie. including credit notes from product returns and non-recurring items. Hence, it is reported net sales less materials cost.
2) Sales revenues excluding trading revenues.
3) See adjustment calculations of gross profit in the segmentation table on page 11